Context: The world is going through turmoil. The new world that will emerge will be different from what we have known. This provides India with some unique opportunities. This article explains the changes that are taking place and gives the outline of the changing order. 
Background
The new cold war

• China has come out with alternative governance mechanisms to the U.S.-dominated International Monetary Fund, World Bank and World Trade Organization with its all-encompassing Belt and Road Initiative.
• The agenda-setting role of the G7 over UN institutions and global rules has been on the wane.
• China’s rise has been based on technology, innovation and trade thus balancing U.S. military superiority. This comes at a time of declining global trust in free-market liberalism, central to western civilisation.
• The U.S. has been seeking a security partnership in Asia to contain China. It has been keen on deepening its relationship with the Association of Southeast Asian Nations trade bloc.
• The U.S. has implicitly rejected the G20 and the UN Security Council, for an expanded G7 to counter China’s rise.

Threat to multilateralism

• The clash between China and the U.S. at the just concluded World Health Assembly marks the end of the multilateralism of the past 70 years.
• Given the U.S.’s “America First” policy, the U.S. has been withdrawing from key global and regional institutions.
• The European Union and Japan are also re-evaluating their position on globalisation.

Ongoing Changes

• The clash between the U.S. and China marks a seismic shift within the UN system.
• After World War II, the newly independent states were not consulted when the U.S. imposed global institutions fostering trade, capital and technology dependence, ignoring socio-economic development.
• Social and economic rights have emerged to be as important as political and procedural rights in the current scenario.
• There has been the slow yet steady shift of global wealth to Asia, which has only accelerated during the novel coronavirus pandemic.
• Colonised Asia played no role in shaping the Industrial Revolution. However, the Digital Revolution of the future will be shaped by different values wherein equality would be a major aspect.

India’s role

• The world is questioning both the U.S.’ and China’s exceptionalism. Hence, for India, the strategic issue is neither adjustment to China’s power nor deference to U.S. leadership.
• In the new cold war, defined by technology and trade, not territory, non-alignment is an uncertain option; India should craft a global triumvirate. By proposing an alternative structure, India would not have to choose between the emerging power centres.
• The global vacuum, shift in relative power and its own potential, provides India the capacity to articulate a benign multilateralism as a NAM-Plus, that resonates with large parts of the world and brings both BRICS and the G7 into the fold.
• At the online summit of the Non-Aligned Movement, in May 2020, the Indian Prime Minister called for new principles for the international system. His new globalisation model based on humanity, fairness and equality has wide support in the current circumstances.

Impending opportunity for India

• In the light of the upcoming events, there is an impending opportunity for agenda-setting.
• As chair of the Executive Board of the World Health Assembly, India can set the global response in terms of multilateralism.
• India can set the world response to COVID-19, also using the opportunity to recover its global thought leadership.
• In September 2020, the United Nations General Assembly will discuss the theme, “The Future We Want”.
• In 2021, India joins the UN Security Council (non-permanent seat) and chairs the BRICS Summit, and in 2022, India would be hosting the G-20.
• India should look upon the changed circumstances as an opportunity for its own re-emergence.
• India should use this opportunity to recover its global thought leadership, like the days of Nalanda, astronomical computation, the zero, Ayurveda, Buddhism, Yoga and Ahimsa.

Three principles the new system should be based on-
1. Peaceful coexistence

• First, the Asian Century should be defined in terms of peaceful co-existence, freezing post-colonial sovereignty.
• Non-interference in the internal affairs of others is a key lesson from the decline of the U.S. and the rise of China.
• National security now relies on technological superiority in artificial intelligence (AI), cyber and space, and not expensive capital equipment, as India’s military has acknowledged.
• Instead of massive arms imports, we should use the savings to enhance endogenous capacity.
• And mould the global digital economy between state-centric (China), firm-centric (the U.S.) and public-centric (India) systems.

2. New principles of trade

• A global community at comparable levels of well-being requires new principles for trade, for example, rejecting the 25-year-old trade rule creating intellectual property monopolies.
• Global public goods should include public health, crop research, renewable energy and batteries, even AI as its value comes from shared data.
• We have the scientific capacity to support these platforms as part of foreign policy.

3.  Civilisational values

• Ancient civilisational values provide the conceptual underpinning, restructuring both the economic order and societal behaviour for equitable sustainable development.
• Which is what a climate change impacted world, especially Africa, is seeking.

Road Ahead

• The Asian Century should be defined in terms of peaceful co-existence. Non-interference in the internal affairs of countries should be ensured.
• The global community requires new principles for trade. This could involve rejecting the 25-year-old trade rule creating intellectual property monopolies. Global public goods should include public health, crop research, renewable energy and batteries and even AI as its value comes from shared data.
• There is a need for restructuring both the economic order and societal behaviour for equitable sustainable development, which a climate change-impacted world is seeking.